Symbotic (NASDAQ:SYM) Stock: Insider William Boyd III Sells 9,194 Shares

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 9,194 shares of the stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $38.83, for a total transaction of $357,003.02. Following the transaction, the insider directly owned 57,112 shares of the company’s stock, valued at $2,217,658.96. This trade represents a 13.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Symbotic Trading Up 2.8%

Shares of Symbotic stock traded up $1.08 during trading on Tuesday, reaching $38.98. 1,356,988 shares of the stock traded hands. The business has a fifty day simple moving average of $41.51 and a two-hundred day simple moving average of $48.69. Symbotic Inc. has a 52-week low of $36.47 and a 52-week high of $87.88.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The company had revenue of $720.84 million during the quarter, compared to the consensus estimate of $715.03 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. Equities research analysts anticipate that Symbotic Inc. will post 0.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of research reports. Barclays lowered their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. Needham & Company LLC reduced their price target on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. TD Cowen lowered their price objective on shares of Symbotic from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, September 21st. Finally, Robert W. Baird set a $51.00 price objective on shares of Symbotic in a research note on Thursday, August 6th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $65.83.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently modified their holdings of the stock. Concurrent Investment Advisors LLC increased its position in shares of Symbotic by 5.2% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company’s stock valued at $261,000 after acquiring an additional 287 shares during the period. Toth Financial Advisory Corp lifted its position in Symbotic by 88.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 632 shares of the company’s stock worth $27,000 after acquiring an additional 297 shares during the period. International Assets Investment Management LLC lifted its position in Symbotic by 5.4% during the 1st quarter. International Assets Investment Management LLC now owns 5,844 shares of the company’s stock worth $320,000 after acquiring an additional 300 shares during the period. QRG Capital Management Inc. grew its stake in Symbotic by 7.2% during the 2nd quarter. QRG Capital Management Inc. now owns 5,100 shares of the company’s stock valued at $229,000 after purchasing an additional 344 shares during the last quarter. Finally, IAG Wealth Partners LLC grew its stake in Symbotic by 29.4% during the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock valued at $93,000 after purchasing an additional 398 shares during the last quarter.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.